In a skillet, melt butter; add coconut and pecans.
Cook and stir over medium heat for 10 minutes or until golden brown and toasted; set aside.
In a mixing bowl, beat cream cheese and milk until smooth.
Fold in whipped topping.
Pour into crusts.
Drizzle with caramel topping; sprinkle with coconut mixture.
Cover and freeze for 8 hours or overnight or until firm.
Remove from the freezer 5 minutes before slicing.